By Michael Dabaie

Qualcomm Inc. (QCOM) shares were up 16% to $81.83 in early trading Wednesday after rising Tuesday.

Apple Inc. (AAPL) and Qualcomm agreed to dismiss all litigation between the two companies and forged a new license agreement. The settlement includes an undisclosed payment from Apple to Qualcomm. The companies said they had reached a six-year license agreement and a multiyear deal for Qualcomm to supply Apple with modem chips.

Raymond James raised its price target on Qualcomm to $85.00 a share from $65.00 and maintained it at Outperform.

Apple shares were up 0.6% in early trading.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

April 17, 2019 10:00 ET (14:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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